This billionaire investor is going long on Bitcoin as global turmoil grows

Published on

Feb 26, 2020

by Cryptoslate | Published on

Coinage

The traditional investment community has been split on Bitcoin and crypto, with some top investors offering endorsements of the nascent technology, while others frequently offer scathing critiques.

Warren Buffett is one such investing legend that has frequently shared negative thoughts on Bitcoin, claiming that the digital currency's value is novel, making it a simple speculative tool rather than a legitimate asset.

In spite of this, another investment legend is now parting ways with Buffett when it comes to crypto, claiming that all investors should have some BTC allocated to their portfolios, and deeming Buffett's point of view as "Outdated."

In a recent interview on CNBC's Squawk Box, Chamath Palihapitiya - the CEO of Social Capital and co-owner of the Golden State Warriors basketball team - offered his thoughts on Bitcoin, explaining that he ardently disagrees with Buffett's views on the nascent technology, claiming that it is an outdated point of view.

Although Palihapitiya splits ways with Buffett when it comes to crypto, he is still an ardent admirer of the investing legend, telling the interviewer that he has learned an enormous amount from the few interactions he has had with him.

BTC portfolio allocation a great way to guard against global turmoil.

Palihapitiya further went on to explain that he does believe retail investors should allocate some Bitcoin to their portfolios due to it being uncorrelated with more traditional assets.

In spite of this, he does not believe that Bitcoin should be treated as a safe haven asset that is purchased whenever there is some turmoil within the global equities markets.

"I don't think when you wake up and see a coronavirus scare and the Dow down 2,000, you should not be going in and buying bitcoin. That is an idiotic strategy."